Unemployment Rises in June
By Lauren Bayne Anderson
JULY 8, 2011 — The Nation’s Unemployment rate rose to 9.2% last month – up from its two year low of 8.8% in March.
The bad news is adding to spreading fears that the recession is headed for a “double dip”, where things could get worse again before they get better.
In June, employers added almost no new jobs. Only 18,000 jobs were added, a far cry from the 100,000 experts expected.
In the beginning of the year (From February to April) employers added an average of 215,000 jobs per month, which gave analysts hope that the economy was on an upswing.
Unfortunately, those hopes were dashed with this latest report in June.
Analysts say the economy needs to add 125,000 – 175,000 jobs each month just to keep up with the pace of the work force—including recent graduates and older people who have delayed retirement due to the economy. That doesn’t even take into account the millions of unemployed that are still in need of work.
Currently about 14 million Americans are unemployed, almost half for six months or longer.
The only good news: Analysts still forecast an upswing in jobs for the second half of the year.
Some information compiled from the Los Angeles Times